HOUSTON, TEXAS, November 27, 2006. Swedish drug development company OxyPharma has signed an agreement with Pharm-Olam International for the company's upcoming phase II clinical study of Rob 803, OxyPharma's compound for the treatment of Rheumatoid Arthritis (RA).

Pharm-Olam International will be the global clinical contract research organization (CRO) for OxyPharma's upcoming pivotal phase II clinical trial for Rob 803 for the treatment of RA. In Phase II clinical trials, the study drug or treatment is given to a larger group of people (100-300) to see if it is effective and to further evaluate its safety.

OxyPharma's primary objective is to evaluate the efficacy of Rob 803 when added to a stable dose of methotrexate in subjects with moderate or severe active RA. Rob 803 will be given orally once daily for 12 weeks. This is a multicentre, multinational, dose-ranging, randomised, double-blind, placebo-controlled, parallel-group study in a total of 224 adult men and women. 

OxyPharma successfully completed its phase I study of Rob 803 in May. The results indicate that OxyPharma's compound, Rob 803, is safe and well tolerated by the healthy subjects that participated in the study.

About OxyPharma

OxyPharma is a Swedish drug development company developing new drugs primarily for the treatment of Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS). The development programs are primarily carried out in collaboration with the Karolinska Institute in Stockholm, Sweden and contract research organizations (CRO's) in England, Sweden and Israel. OxyPharma was founded in 2002 and is based in Stockholm, Sweden. The company's largest shareholder is innovator and entrepreneur Leif Lundblad (mainly through his investment company LLD Nybohov Invest). Ulf Björklund is OxyPharma's CEO. For additional information please visit www.oxypharma.com or contact:

OxyPharma AB
Ulf Björklund
CEO, OxyPharma AB
Phone: +46 8 726 17 02 or +46 70 667 04 40
ulf.bjorklund@oxypharma.com

Peter Karaszi
Press Officer, OxyPharma AB
Phone: +27 21 439 8806 or +27 83 243 5797
peter.karaszi@oxypharma.com

About Pharm-Olam International

Pharm-Olam International is a multi-national contract research organization offering a wide range of comprehensive, clinical research services to the pharmaceutical, biotechnology and medical device industries. From Phase I to Phase IV, POI is focused on delivering the highest quality data, achieving targeted enrollment and meeting projected timelines. For additional information please contact: